No Physical PAN Card from now

New Delhi, April 12: Here the Income Tax department has come up with a digitalization thought, which revealed that There is no physical Permanent Account Number(PAN) card in future, which has introduced by Central Board of Direct Taxes (CBDT).

CBDT has planned to inaugurate the electronic PAN card(e-PAN), which will be sent through emails to all applicants individually.

"Applicant would be benefited by having a digitally signed e-PAN card which they can submit as proof of identity to other agency electronically directly or by storing in the Digital Locke," CBDT said.

The CBDT has tied up with Ministry of Corporate Affairs (MCA) to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in a day, to improve the Ease of Doing Business for newly incorporated corporates.

The PAN and TAN are issued immediately without any further intervention of the applicant.

The Certificate of Incorporation (COI) of newly incorporated companies includes the PAN in addition to the Corporate Identity Number (CIN).TAN is also allotted simultaneously.

During March 2017, of the 10,894 newly incorporated companies, PAN was allotted within 4 hours in 95.63 percent cases and within one day in all cases.